Eric Daniels
John Eric Daniels | |
|---|---|
| Born | August 14, 1951 Dillon, Montana, U.S. |
| Occupation | Banking executive |
| Known for | Former CEO of Lloyds Banking Group |
John Eric Daniels (born August 14, 1951) is an American banking executive who formerly held the position of chief executive officer (CEO) at Lloyds Banking Group.
Early life
Daniels was born in Dillon, Montana to a German academic father and a mother of Chinese heritage. He completed his secondary education in New Jersey. In 1973, he graduated with a bachelor's degree in History from Cornell University, and subsequently obtained a master's degree in Management from the MIT Sloan School of Management in 1975.
Career
Starting his professional journey at Citibank in 1975, Daniels worked across Panama and Argentina before spending three years in London during the late 1980s. He advanced to become chief operating officer of Citibank Consumer Bank in 1998. After the merger between Citibank and Travelers that same year, he took on the role of chairman and CEO at Travelers Life and Annuity. Between 2000 and 2001, he was at the helm of Zona Financiera, an internet startup with a brief lifespan. In 2001, Daniels joined Lloyds TSB as head of retail banking, ascending to CEO of Lloyds TSB by June 2003. Following Lloyds TSB’s merger with HBOS in 2009, he became CEO of the newly formed Lloyds Banking Group. Known for his composed leadership approach, Daniels stepped down as CEO on September 20, 2010.
Credit crisis
Amid the financial turmoil of 2008, Daniels came under examination regarding Lloyds’ acquisition of HBOS. He conceded that due diligence efforts were constrained prior to the takeover. The resulting losses surpassed £100 billion—significantly higher than initially projected—attributed to inadequate credit controls and governance shortcomings. Sir Victor Blank, chairman of Lloyds, remarked that the swift economic downturn exacerbated losses beyond original forecasts.
Daniels’ tax arrangements also drew criticism; he retained non-dom status upon joining Lloyds’ board in 2001. After disclosing a £6.3 billion loss, he relinquished a £2.3 million bonus in 2010. In February 2012, amid the PPI mis-selling scandal involving PPI, Daniels agreed to forfeit up to £700,000 from a £1.45 million bonus.
See also
References